2 - The physician-firm

2 - The physician-firm - The physician-firm (more notes to...

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The physician-firm (more notes to complement lecture notes) 11.15.11
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Internal ROR The higher the internal ROR, the greater the financial rewards to investment in human capital via education To determine whether a group of health professionals is in short supply, we can compare ROR to that of other professionals over time High ROR may occur when supply of labor may fails to respond quickly to changes in demand – may be due to barriers to entry
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Foreign medical graduates (FMGs) make physician supply in US more elastic, or more responsive to changes in ROR Concerns about quality of FMGs, but in reality, research shows no difference between quality of care provided by FMGs compared to US medical graduates
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Weeks et al. (1994) Physician payment reform focuses on: relative incomes of specialist vs. primary care physicians; idea that physicians’ salaries are “too high” Use data to estimate return on educational investment over a working lifetime for five groups of professionals: primary care physicians, specialist physicians, dentists, attorneys, and MBA graduates
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Net present value of physician training vs. other professional careers (Weeks et al. 1994)
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Internal ROR for physicians vs. other professionals (Weeks et al. 1994)
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This note was uploaded on 02/08/2012 for the course ECON 320 taught by Professor Chan during the Spring '11 term at SUNY Albany.

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2 - The physician-firm - The physician-firm (more notes to...

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